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| ITALICA NEWS |
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| IMF: 'Positive data for San Marino, but global uncertainty clouding economic outlook'
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| [ Italica ] - San Marino's economic growth strengthened in 2025 with GDP growth rising to 1.5 per cent from 1.0 per cent in 2024, the International Monetary Fund reports in its concluding statement of the 2026 Article IV Consultation. The recovery was led by export and supported by increased manufacturing revenues and robust tourism performance. Inflation increased to 2.3 per cent. However, global uncertainties are clouding the economic outlook, with growth forecasted to ease to 1.3% in 2026. Sustained revenues and spending restraint improved fiscal performance, driving the primary surplus rising to 2.4% of GDP. The IMF recommends further recalibration of the pension system to ensure the long-term sustainability of the pension system. Improved liquidity, more solid asset quality and a reduction in non-performing loans made the banking sector more resilient, but some banks are still under pressure of low profitability and limited capital. Faster resolution of bad loans and improved cost efficiency remain priorities. Benefits to San Marino's economy could arise from implementing the EU Association Agreement. [June 8, 2026 - Italica]
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